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Retail sales volume in Türkiye climbed 21.2% year-over-year in March, the strongest annual increase since February 2024, the official figures showed.
The sharp increase was largely fueled by rising demand for technology products, which rose 49.2% year-over-year, with consumers rushing into stores over fears that the Iran war could trigger price increases, according to a sector representative.
On a monthly basis, retail sales rose 2.6% in March, while sales in the computers, books and telecommunications equipment category increased 6.1%. Non-food products excluding automotive fuel posted a 3.4% monthly rise.
Fuel sales also rose 1.8% during the month as rising oil prices prompted consumers to fill their tanks ahead of expected hikes, while textiles, clothing and footwear sales grew 1.6%. Home appliance sales, however, edged down 0.2%.
The overall trade sales volume index increased 1.7% from a year earlier and 1.9% from the previous month. Wholesale trade sales volume declined 3.5% annually despite recording a 2.4% monthly increase.
The overall turnover index rose 34.6% year-over-year in March and increased 4.4% from the previous month, while the trade turnover index climbed 35.9% annually and 4.9% on a monthly basis.
Turkish technology retailers expect prices of electronic devices in Türkiye to continue rising in the coming months as geopolitical tensions and supply chain pressures add to mounting costs across the sector.
Mustafa Kemal Turnaci, head of the Mobile Communication Devices and Information Technologies Businessmen Association (MOBISAD), said producers had initially absorbed part of the cost increases caused by the global chip shortage, delaying price hikes for consumers.
"Manufacturers had previously avoided passing higher costs caused by the chip crisis on to consumers. However, with rising costs in January, average prices increased around 20% within three months, and we expect this increase could reach another 25% over the course of the year," Turnaci told Bloomberg HT.
"Consumers are bringing purchases forward due to expectations of further price increases," he added.
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